Cirrus acquires Wilderness Energy UK

Cirrus Energy Corp. has acquired Wilderness Energy UK (WEUK). WEUK, which will become a wholly owned subsidiary of Cirrus, holds non-operated interests ranging from 25% to 50% in eight exploration licenses in the central and northern North Sea, and one exploration license in the southern North Sea.

Offshore staff

CALGARY, Canada -- Cirrus Energy Corp. has acquired Wilderness Energy UK (WEUK). WEUK, which will become a wholly owned subsidiary of Cirrus, holds non-operated interests ranging from 25% to 50% in eight exploration licenses in the central and northern North Sea, and one exploration license in the southern North Sea. The company has identified one gas prospect and fifteen medium-to-heavy oil prospects on the acreage. The licenses expire in 2012 or later.

“This acquisition provides an attractive low cost entry into the UK North Sea,” says David Taylor, president and CEO of Cirrus. “The licenses contain significant exploration potential particularly for heavy oil which has recently benefited from improved fiscal terms.”

06/10/2009

More in Company News